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How business owners can protect themselves in property division

Entrepreneurs and business owners in Ohio are usually thinking two, three or even four steps ahead. These business-savvy individuals understand how important foresight and preparing for various events can be, but some may be hesitant to bring that prowess into a certain area of their life -- marriage. While planning for a possible divorce might feel counterintuitive to even the most experienced business owner, addressing things like property division ahead of time can protect both personal and business interests.

Some people mistakenly view prenups as denying one person a fair share of marital assets. This is very rarely the case, and the vast majority of people who use prenups do so simply to protect their own interests. This is particularly applicable to business owners who, despite being married, are often the only one directly involved in regular and daily business operations.

A prenuptial agreement can specify that a person's business is his or her separate property. While this might feel like an obvious matter, failing to take precautions can lead to a business being considered marital property. In such cases, the business would then be subject to property division during a divorce. However, it does not always have to be one or the other. Some choose to note that any business value accumulated after saying "I do" is marital property and thus subject to division.

Getting married does not have to mean putting the future of a business on the line. Ohio entrepreneurs who are concerned about potential issues during divorce -- including property division -- should consider the potential benefits of a prenuptial agreement. For those who have already tied the knot, postnuptial agreements can usually provide the same protections.

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